Day the music died: HMV closing in Canada

TORONTO — An Ontario Superior Court of Justice approved an application to place HMV Canada Inc. into receivership on Friday.

HUK 10 Ltd., which lent money to the struggling chain, filed the application to the court Thursday.

It claimed HMV owes it nearly $39 million and has received no cash payments since Nov. 2014.

HMV would require between $2 million and $5 million annually in cash to stay open, according to court filings, and the company was losing $100,000 a day as customers turned towards online media in recent years.